Market Research Future (MRFR) expects the traveler security market 2020 to procure a valuation of USD 1,422.7 Million by 2024-end. MRFR also anticipates that the market can progress at a rate of 9.8% between 2019 and 2024, which is the assessment period. We will provide covid-19 impact Analysis with the report
The impact analysis on covid-19 by MRFR suggests that post pandemic; a number of industries have collapsed, including travel and tourism. Technological innovations have made travel and tourism affordable and easy, however it will remain fragile till the time a COVID-19 breakthrough is not achieved. The short term impact involves countries imposing limits on travel, which can mean slower market growth for traveller security services. When it comes to the long-term impact of covid-19, the financial strategy of the tourism industry has weakened significantly, resulting in considerable revenue loss. However, there is a glimmer of hope for one aspect of the travel industry, namely the information and communication technology sector. More and more companies are focusing on diversification of the supply chains to boost resilience. AI is finding extensive use for predicting evolving demand, and the increasing prevalence of the remote work strategy across the IT infrastructure can translate to better gains for the ICT industry in the coming years.
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Growth Boosters and Key Deterrents
Large-scale investments by high tech companies along with the escalating adoption rate of AI and automation can help the traveler security services market maintain its robustness in the face of the pandemic crisis. The traveler security market is also positively influenced by the surge in business travel spending, mounting number of international travelers, and the rising focus of enterprises on providing a secure and safe travel experience to employees.
The global market is extremely competitive, where the players are battling it out to seize a larger share in the global market. Companies are competing armed with advanced digital services, reliability, better pricing and services. Vendors are offering advanced consultancy for enhanced mitigation and risk management solutions to not only survive but thrive in a fiercely competitive market. More and more companies are adopting marketing hacks that can help them boost their position worldwide, some of which include product launch, agreements, collaborations and more. To cite a reference, in 2019, Drum Cussac entered a partnership with Collinson, a leader in traveler assistance, and developed a 24/7/365 integrated travel risk management solution. This solution helps organizations ensure excellent experience of the employees that are traveling abroad.
A latest trend in the market is that a majority of large as well as small and medium enterprises have begun to outsource their travel security services to ensure employee safety. A number of companies in the travel security services industry offer country-wise reports, real-time information, risk management, alert, memos coupled with emergency services like SOS alert function, 24/7 call support, PNR tracking, GPS location sharing, and many more. These services are in great demand among travellers who want to feel secure and safe while travelling in unknown locations and want to have a comfortable experience.
Primary segments depending on which the traveler security market has been studied include service type, organization size and industry.
The service types in the traveler security services market are privacy and fraud preventions, emergency response, investigations, risk consulting, threat assessment, contingency and crisis management planning, legal compliance, and more.
The organization size-wise market segmentation comprises small & medium enterprises as well as large enterprises. For business deals, conferences, research purposes and vendor meets, employees in large enterprises are constantly travelling, which mandates the need for travel security services. Also, management in these enterprises is largely focused on the employees’ security and safety, spending considerably on third-party travel security services. These factors have led the large enterprises segment to achieve the top position in the market.
The industries where travel security services are widely deployed include government and public sectors, families, and corporate. In 2018, the corporate category seized the largest share of 68.1% and was worth USD 571.2 million. The segment can also record the fastest expansion rate of 10.1% between 2019 and 2024. The second lead was obtained by the government & public sector segment the same year, with a value of USD 211.7 million and projections of it attaining a growth rate of 9.1% in the next few years.
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